Legislation to implement the Government’s superannuation reforms passed the Parliament on 23 November 2016. The superannuation reform package was announced in the 2016-17 Budget and amended following consultation.
On 9 November 2016, the Government introduced the Superannuation (Objective) Bill 2016, which will enshrine the objective of superannuation in legislation. The Objective Bill is being considered by the Economics Legislative Committee, which is due to report on 14 February 2017.
This website explains the Government’s reforms to the superannuation system. Most measures will take effect from 1 July 2017. The following summary provides links to the updated ‘fact sheets’.
- Legislating the objective of superannuation
- Introducing a $1.6 million superannuation transfer balance cap
- Reforming the taxation of concessional superannuation contributions
- Lowering the annual non–concessional contributions cap
- Introducing the Low Income Superannuation Tax Offset (LISTO)
- Improving access to concessional contributions
- Allowing catch–up concessional contributions
- Extending the spouse tax offset
- Removing barriers to innovation in retirement income stream products
- Improving the integrity of transition to retirement income streams (TRIS)
- Abolishing the anti–detriment rule
- Streamlining administrative processes
[Treasury website – superannuation reforms] [LTN 219, 11/11/16]